Photovoltaic (PV) modules are recently employed in photovoltaic visible light communication (PVLC) for simultaneous energy harvesting and visible light communication. A PV-based receiver features large signal output, easy optical alignment, and self-powered operation. However, PV modules usually have a severe bandwidth limitation when used as passive photodetectors. In this paper, we systematically investigate the internal impedance dynamic of PV modules and how that affects their frequency response characteristics under different illuminances. We propose a simplified yet accurate dynamic PV mode AC detection model to capture the frequency response characteristics of a PVLC receiver. The model is validated with the impedance spectroscopy characterization methodologies. Experimental results show that a PV module's internal resistance and capacitance depend on incident illuminance, affecting PV's frequency response. The bandwidth is exacerbated under indoor environments with low illuminance levels due to the increment of internal resistance for PV modules. The RC constant can be reduced for PVLC receivers working near open-circuit voltage conditions by adding a moderate local light to decrease the internal resistance value. For practical implementation, PVLC receivers will employ a load for data recovery. We show that adjusting the forward bias conditions can simultaneously reduce the resistance and capacitance values. With the optimization of equivalent trans-impedance, the data rate of a Cadmium telluride (CdTe) PV module achieves a 3.8 times enhancement under 200 lux. We also demonstrate that the BER of a 5-Mbit/s eight-level pulse amplitude modulation (PAM8) signal can be reduced from 9.8*10-2 to 1.4*10-3 by maximizing the transimpedance gain-bandwidth product.